Help with Seller Financing Proposal

[Micah Uveges]

Hi everyone,

I was recently contacted by someone who wants to buy one of my duplexes using seller financing. I have never used this before and am curious to see if you think this is a good deal or not. 

Here are the details:

-Bought the property in Jan. 2023 for $180k with 25% down

-Rents for $2000 total

-Good long-term tenants

-Cash flows approx. $300 per month since I manage it myself

His Offer:

Principal price: $130k

Down payment: $39k

Interest rate: 5%

Total left owed: $91k

Loan term: 180 months

Principal monthly payment: $505.56

Interest monthly payment: $379.17

Total monthly payment: $884.72

Total paid to seller: $198,250

Is this a good deal for me? Again, I have no experience with seller financing!